AtlasTrend Splurging Baby Boomers Fund
LATEST UNIT PRICE
The AtlasTrend Splurging Baby Boomers Fund has been terminated.
Date: Wed 21 Aug 2019
Notice of Termination – AtlasTrend Splurging Baby Boomers Fund (ARSN 607 698 411)
Why we are closing down the Fund
Under section 601NC of the Corporations Act 2001 (Cth) (Corporations Act) the responsible entity of a registered scheme may take steps to wind up the scheme if the responsible entity considers that the purpose of the scheme cannot be accomplished.
The Fund was established in 2015 for the purpose of creating long term returns for investors by investing in 8 to 12 companies listed on developed stock market exchanges which are or are expected to soon benefit from spending by persons born between 1946 to 1964, commonly referred to as baby boomers.
After consultation with the Fund’s investment manager AtlasTrend Pty Ltd (AtlasTrend), we are of the view that the Fund’s purpose cannot be accomplished, having regard to investor numbers and analysis of future prospects for this trend.
Members’ right to call a meeting
Under section 601NB of the Corporations Act, if members of the Fund want the Fund to be wound up, they may take action under Division 1 of Part 2G.4 for the calling of a members’ meeting to consider and vote on an extraordinary resolution directing us as responsible entity to wind up the Fund.
When we will start winding up the Fund (Termination Date)
If no meeting of members of the Fund is called within 28 days of the date of this notice, then we will commence winding up the Fund on 19 September 2019 in accordance with section 601NC(3) of the Corporations Act.
Any meeting of members will be called and conducted in accordance with the requirements of the Corporations Act and, if a meeting is held, we will commence winding up the Fund once the meeting has concluded, unless the outcome of the meeting prevents us from doing so.
What the closure of the Fund means for you
As a result of our decision to close the Fund, we are no longer accepting any applications or additional contributions to acquire units in the Fund or any withdrawal requests.
Before the winding up commences, we may pay a special distribution of income to ensure that all of the Fund’s income is passed on to members.
From the Termination Date, we will then begin to realise the assets of the Fund and calculate the Fund’s liabilities.
Once the assets have been realised and liabilities permitted by the Fund’s constitution have been deducted, we will distribute the balance of the Fund’s assets to you in proportion to the number of units in the Fund you hold.
To ensure that there is no unnecessary delay in receipt of your distribution/s from the Fund and statements, please ensure that the contact and bank account details we have on file for you are accurate and up to date.
Other AtlasTrend funds are not affected.
AtlasTrend manages a total of four registered managed investment schemes of which we are the responsible entity.
Of those four registered schemes, the Fund is the only one being closed.
We will continue to operate, and AtlasTrend will continue to manage, the following registered schemes:
AtlasTrend Big Data Big Fund (ARSN 607 700 167)
AtlasTrend Online Shopping Spree Fund (ARSN 607 699 098)
AtlasTrend Clean Disruption Fund (ARSN 626 109 635)
Please contact us or AtlasTrend if you have any questions about the closure of the Fund.